Retirement Contracts. City will provide, through the California Public Employees' Retirement System (CalPERS) the 3%@50 and Single Highest Year (SHY) retirement benefit for sworn officers hired on or before City implementation of the 3%@55 benefit formula. Bargaining unit employees hired on or after the City implementation of the 3%@55 benefit formula shall be covered by that formula with final compensation determined by the average of the highest thirty-six (36) consecutive months compensation. Each employee’s benefit level at retirement shall be determined in compliance with CalPERS regulations.
Appears in 2 contracts
Sources: Memorandum of Understanding, Memorandum of Understanding
Retirement Contracts. City will provide, through the California Public Employees' Retirement System (CalPERS) the 3%@50 and Single Highest Year (SHYSHY)retirement) retirement benefit for sworn officers hired on or before City implementation of the 3%@55 benefit formula. Bargaining unit employees hired on or after the City implementation of the 3%@55 benefit formula shall be covered by that formula with final compensation determined by the average of the highest thirty-six (36) consecutive months compensation. Each employee’s benefit level at retirement shall be determined in compliance with CalPERS regulations.
Appears in 1 contract
Sources: Memorandum of Understanding